Indian stock markets opened on a positive note Thursday despite mixed global cues, though the auto sector showed early signs of weakness.
As of 9:26 AM, the Sensex was up by 112.96 points or 0.15%, trading at 77,401.46. The Nifty gained 28.20 points or 0.12% to reach 23,515.05.
Banking stocks were in the green, with the Nifty Bank index climbing 80.55 points or 0.16% to 51,289.55. Meanwhile, broader markets were under pressure.
The Nifty Midcap 100 dropped 41.05 points or 0.08% to 51,605.10. The Nifty Smallcap 100 fell by 44.90 points or 0.28% to 15,891.85..
Analysts observed that Nifty has breached a steep ascending trendline and may be forming a flag pattern on the hourly chart.
Vikram Kasat, Head of Advisory at PL Capital, noted, “40HEMA and lower end of flag pattern are almost at the same level. 40HEMA at 23390 will be an important support level to watch out for on the way down.”
“The upper end of the flag pattern is at 23,620. Breaking out from the flag pattern will be an indication of a bullish continuation pattern where the Nifty can retest its recent high of 23,896 and continue its bullish trend,” he further added.
Within the Sensex, top-performing stocks included L&T, Zomato, PowerGrid, ICICI Bank, Infosys, Titan, Bharti Airtel, and UltraTech Cement.
On the flip side, Tata Motors, IndusInd Bank, M&M, Asian Paints, Sun Pharma, and Hindustan Unilever were among the leading laggards.
Overnight in the US, Wall Street ended in the red.
The Dow Jones slipped 0.31% to close at 42,454.79. The S&P 500 dropped 1.12% to 5,712.20, while the Nasdaq fell 2.04%, ending at 17,899.02.
Experts noted, “The market is still waiting on precise details of the president’s reciprocal tariffs. Time is running out; they’re set to go into effect on 2 April.”
Across Asia, markets painted a mixed picture. Japan and South Korea saw declines, while Hong Kong, China, and Jakarta traded higher.
On the institutional front, foreign investors turned net buyers with purchases worth Rs 2,240.55 crore on 26 March.
Meanwhile, domestic institutions offloaded stocks worth Rs 696.37 crore on the same day.
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